Senators Urge Regulators to Halt Payday Loans by Banks
Five United States Senators—Senators Richard Blumenthal, Sherrod Brown, Richard Durbin, Charles Schumer, and Tom Udall—have asked federal regulators http://rspnsb.li/UBdcq6 to stop banks from making predatory payday loans. The banks in question are making payday loans with triple-digit interest rates, essentially duplicating the storefront payday businesses that routinely trap lower-income borrowers in long-term harmful debt. In a letter dated January 2...